Football
Chelsea explained multi-million dollar losses by sanctions against Abramovich
Roman Abramovich / Photo: © imago sportfotodienst / Global Look Press
London football club Chelsea reported a net loss of 121 million pounds (about 138 million euros) at the end of last season.
According to the website of the Blues, the financial results were affected by the sanctions imposed on the club’s former owner Roman Abramovich in March last year. Chelsea were forced to operate under restrictions before being sold to US investors at the end of May.
– Despite the club being sanctioned, turnover rose from £434.9m to £481.3m, mainly due to increased matchdays and commercial revenue from fans returning to the stands on matchdays. Broadcast revenue declined year-on-year due to lower Champions League payouts and the indirect impact of the coronavirus pandemic. Commercial revenue increased to 177.1 million due to new sponsorship contracts and the renewal of existing ones.
The higher income was offset by higher operating expenses. The total net loss is recorded at 121.3 million pounds, Chelsea said in a statement.
Last season, the London club finished third in the Premier League.
Source: Sportbox
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